Finance
I’m a Financial Advisor: 6 Year-End Tax Moves My Wealthy Clients Make
The dog days of summer might seem like a strange time to start thinking about the right year-end tax moves. After all, you still have to go through spooky season and the holidays well before the taxman comes a callin’. Yet planning your tax moves well in advance can help you preserve more of your wealth long before you have to sign those forms.
Find Out: Should Trump Eliminate Income Taxes? Here’s What Tax Experts Say
For You: 7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy
As the founder and CEO of 11 Financial, Taylor Kovar, CFP, has experience in helping wealthier clients make those savvy tax moves. GOBankingRates connected with Kovar to get his insights about what people with higher incomes can do to get their taxes in order as the end of the year approaches (it’ll be here sooner than you know).
Contribute to Tax-Advantaged Retirement Accounts
One of Kovar’s first big pieces of advice for wealthy clients is to ensure that they’re maximizing contribution to tax-advantaged retirement accounts, like 401(k)s, IRAs and Roth IRAs.
“For 2024, the contribution limits are $22,500 for 401(k)s ($30,000 if over age 50) and $6,500 for IRAs ($7,500 if over age 50),” he said. “Making these contributions can reduce taxable income and boost long-term savings.”
Read Next: This Is the One Type of Debt That ‘Terrifies’ Dave Ramsey
Focus on Charitable Giving
Giving money to causes that inspire you doesn’t just do your heart and soul some good, it can also have great benefits for your bottom line. Kovar recommends that his clients consider making donations to qualified charities before the year’s end to help save on taxes.
“Additionally, they can donate appreciated assets such as stocks or real estate to avoid capital gains taxes and receive a charitable deduction,” he added. “For those 70 and a half and older, qualified charitable distributions from IRAs can be a tax-efficient way to give.”
Explore Tax-Loss Harvesting
While the word harvesting conjures images of plucking fresh fruits and vegetables out of the ground, tax-loss harvesting can help you generate more green. As Kovar explained it, tax-loss harvesting involves selling investments at a loss to offset capital gains and reduce taxable income.
“Investors should review their portfolios to identify underperforming assets that can be sold to realize losses and minimize their tax liability,” he said.
Make Annual Gifts
Kovar also recommends that his wealthy clients make annual gifts to reduce their estate size and potentially avoid estate taxes. Even better? They get to see the recipient enjoy their gift. For 2024, the annual gift tax exclusion is $17,000 per recipient.
“Reviewing and updating estate planning documents and strategies can ensure that their estate plan is aligned with current laws and personal goals,” he added.
Convert to a Roth IRA
If you’re expecting your income to increase in the future, you might consider converting traditional IRAs or other tax-deferred accounts to Roth IRAs.
Kovar shared that Roth conversions can be taxed in the year of conversion. However, they provide tax-free growth and withdrawals in retirement.
Take RMDs
New Year’s Eve should be more than your last chance to party before the end of the year, it’s also the last day of the year you can take required minimum distributions (RMDs) to avoid penalties.
“Investors who turn 72 this year need to start taking RMDs, and those already taking them should verify they have met the requirements,” said Kovar.
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This article originally appeared on GOBankingRates.com: I’m a Financial Advisor: 6 Year-End Tax Moves My Wealthy Clients Make
Harley-Davidson’s new CEO wants to transform how people think about the iconic motorcycle brand, so the company is trying something different.
This week, Harley announced a new strategy that focuses on lower-priced bikes, rather than relying on older, more affluent customers to buy its higher-margin touring models.
“Back to the Bricks builds on our core strengths and competitive advantages, harnessing the passion of our riders to deliver profitable growth for the Company and both our dealers and shareholders,” Harley CEO Artie Starrs said this week. “As we drive towards this new phase of growth, we remain committed to the craftsmanship and dedication that define our brand.”
Entry-level Harley-Davidsons cost about $13,000, while the higher-end Adventure Touring models average about $23,250, and the Premium Range &CVO models cost about $38,500, according to Reuters.
Harley’s new strategy targets a core profit of over $350 million from its motorcycle business by 2027 and over $150 million in cost reductions.
To kick off the new strategy, Harley is introducing Sprint, a new entry-level model powered by a smaller 440cc engine, later in the year.
What is Harley-Davidson’s “Back to the Bricks” strategy?
Harley’s new strategy relies on more than just pushing buyers toward cheaper vehicles to increase volume. The 123-year-old company has a set of five pillars on which it is building its future.
Harley-Davidson “Back to the Bricks” 5-point plan
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Deep appreciation of Harley-Davidson’s competitive advantages and legacy: The Company’s iconic brand, diversified and powerful revenue channels, and best-in-class dealer network provide a powerful foundation for growth.
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Renewed commitment to exclusive dealer network to drive enterprise profitability: Harley-Davidson’s dealers are a competitive advantage. The Company is planning actions to enable dealers to double profitability in 2026 and then double it again by 2029.
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Immediate actions to recapture share in areas where Harley-Davidson has right to win: Harley-Davidson has strong legacy equity in existing markets including new motorcycles, used motorcycles, Parts & Accessories, and Apparel & Licensing. The Company’s new strategy is focused on positioning the Company to regain share and drive meaningful volume growth in categories where it benefits from credibility, scale, and deep rider connection.
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Strong financial position with a path to stronger free cash flow and EBITDA margin: Cost and restructuring actions already underway support a path to stronger free cash flow and EBITDA margin over time.
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Bolstered management team with balance of fresh perspectives and institutional knowledge: Harley-Davidson has made a number of leadership appointments that support the Company as it leverages its innate strengths.
Written by Jitendra Parashar at The Motley Fool Canada
Dividend investing can be one of the simplest ways to build long-term wealth while creating a steady stream of passive income. But in my opinion, a good dividend stock is about much more than just a high yield. Beyond dividend yield, investors should also look for companies with durable businesses, reliable cash flows, and a history of rewarding shareholders consistently over time.
That’s exactly why many investors turn to financial stocks. Banks and asset managers often generate recurring earnings through lending, investing, and wealth management activities, allowing them to support stable dividend payments even during uncertain market conditions.
Two Canadian financial stocks that stand out right now are AGF Management (TSX:AGF.B) and Toronto-Dominion Bank (TSX:TD). Both companies offer attractive dividends backed by solid financial performance and long-term growth strategies. In this article, I’ll explain why these two financial stocks could be worth considering for income-focused investors right now.
AGF Management stock continues to reward shareholders
AGF Management is a Toronto-based asset manager with businesses across investments, private markets, and wealth management. Through these divisions, the company offers equity, fixed income, alternative, and multi-asset investment strategies to retail, institutional, and private wealth clients.
Following a 59% rally over the last 12 months, AGF stock currently trades at $16.67 per share with a market cap of roughly $1.1 billion. At current levels, the stock offers a quarterly dividend yield of 3.3%.
One reason behind AGF’s strong recent performance is its increasingly diversified business model. The company has expanded its investment capabilities and broadened its geographic reach, helping it perform well across varying market environments.
In the first quarter of its fiscal 2026 (ended in February), AGF posted free cash flow of $36 million, up 14% year over year (YoY), driven mainly by higher management, advisory, and administration fees. These fees climbed to $92.5 million as demand for the company’s investment offerings strengthened.
AGF has also been focusing on expanding its alternative investment business and introducing new investment products. With strong cash generation and growing demand for alternative investments, AGF Management looks well-positioned to continue rewarding investors over the long term.
TD Bank stock remains a dependable dividend giant
Toronto-Dominion Bank, or TD Bank, is one of North America’s largest banks, serving millions of customers through its Canadian banking, U.S. retail banking, wealth management and insurance, and wholesale banking operations.
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